Sumitomo Mitsui Trust Group Inc. Raises Stock Position in Philip Morris International Inc. $PM

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its ownership in Philip Morris International by 2.0%, now holding over 3.1 million shares valued at approximately $578 million.
• Several hedge funds, including Caitong International Asset Management with a 25,466.7% increase, have also significantly raised their stakes in the company during the second quarter.
• Philip Morris International recently announced a quarterly dividend increase to $1.47 per share, reflecting a dividend yield of 3.7% and a payout ratio of 106.52%.

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 2.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,176,001 shares of the company's stock after purchasing an additional 63,448 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.20% of Philip Morris International worth $578,445,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Moloney Securities Asset Management LLC boosted its holdings in shares of Philip Morris International by 2.7% during the 2nd quarter. Moloney Securities Asset Management LLC now owns 9,624 shares of the company's stock valued at $1,753,000 after buying an additional 253 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Philip Morris International by 25,466.7% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 767 shares of the company's stock valued at $140,000 after buying an additional 764 shares in the last quarter. Prentice Wealth Management LLC boosted its holdings in shares of Philip Morris International by 30.7% during the 2nd quarter. Prentice Wealth Management LLC now owns 1,969 shares of the company's stock valued at $359,000 after buying an additional 462 shares in the last quarter. Avion Wealth boosted its holdings in shares of Philip Morris International by 73.5% during the 2nd quarter. Avion Wealth now owns 229 shares of the company's stock valued at $41,000 after buying an additional 97 shares in the last quarter. Finally, Briaud Financial Planning Inc boosted its holdings in shares of Philip Morris International by 266.7% during the 2nd quarter. Briaud Financial Planning Inc now owns 165 shares of the company's stock valued at $30,000 after buying an additional 120 shares in the last quarter. 78.63% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PM has been the topic of a number of analyst reports. Wall Street Zen cut shares of Philip Morris International from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. JPMorgan Chase & Co. upped their price target on shares of Philip Morris International from $175.00 to $190.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Jefferies Financial Group started coverage on Philip Morris International in a research report on Wednesday, July 9th. They issued a "buy" rating and a $220.00 target price for the company. Stifel Nicolaus set a $180.00 target price on Philip Morris International in a research report on Tuesday. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $195.00 price target on shares of Philip Morris International in a research report on Wednesday, July 23rd. Twelve investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $194.00.

Philip Morris International Trading Up 0.0%

Philip Morris International stock opened at $157.73 on Friday. Philip Morris International Inc. has a 12-month low of $116.12 and a 12-month high of $186.69. The firm has a market capitalization of $245.51 billion, a price-to-earnings ratio of 28.57, a P/E/G ratio of 2.29 and a beta of 0.46. The firm has a 50 day moving average of $162.50 and a 200 day moving average of $168.77.

Philip Morris International (NYSE:PM - Get Free Report) last posted its quarterly earnings results on Tuesday, March 28th. The company reported $1.59 earnings per share for the quarter. Philip Morris International had a negative return on equity of 122.14% and a net margin of 11.02%.The business had revenue of $8.12 billion during the quarter. On average, analysts predict that Philip Morris International Inc. will post 7.14 EPS for the current year.

Philip Morris International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 20th. Stockholders of record on Friday, October 3rd were given a dividend of $1.47 per share. The ex-dividend date was Friday, October 3rd. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.7%. This is an increase from Philip Morris International's previous quarterly dividend of $1.35. Philip Morris International's dividend payout ratio is currently 106.52%.

About Philip Morris International

Philip Morris International Inc operates as a tobacco company working to delivers a smoke-free future and evolving portfolio for the long-term to include products outside of the tobacco and nicotine sector. The company's product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, vapor, and oral nicotine products primarily under the IQOS and ZYN brands; and consumer accessories, such as lighters and matches.

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